VA Approved Multifamily Real Estate in San Diego

Search for Multifamily Real Estate, Duplex, Triplex or Fourplex in San Diego that is VA Approved

Yes you can use your VA Loan to finance a multifamily home to include a duplex, triplex or a fourplex. This is a great way for a veteran or active duty military in San Diego to own a property and have rental income paying down the mortgage at the same time. For instance, on a duplex “2 units on one property”, the owner can live in one and rent out the other.  This situation allows the rental income to assist the owner pay off the loan quickly and can give an alternate source of income. It makes for a great future investment property as well.

Considerations for VA loans for multifamily homes

  • The owner has to ensure that he/she moves into one of the units in not more than 60 days of the purchase.
  • Other financial agencies like FHA and USDA allows loan for the maximum number of 4 units. Any number beyond that would make it a commercial property. However in case of VA, one can take for more than 4 along with other people provided they qualify as an eligible person.
  • In case of 2 veterans buying the property together using their eligibility, the property can have 4 residential units and 1 business unit. It can also have one more additional unit which would be in joint ownership. This makes total units to be 6.

Consideration of rental income

VA loans allow the rental incomes from unoccupied units to be considered as eligibility for loan. The borrower however will have to prove below two points:

  • The borrower is an experienced landlord
  • In case if the units stay un-rented, the borrower should have enough cash reserve with him to pay Principal, interest, insurance and taxes for 6 months. This is to ensure that the borrower does not default in case of non-occupancy of rental units.

If the property you are considering purchasing is already rented out, only 75% of the verified rent is considered as rental income. If the VA loan is applied for a multifamily property the appraiser will need to send a letter to the VA which determines the fair rental value of the property and only 75% of the determined amount can be counted as rental income. 

Loan Limits

VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location.

The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran's available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.

VA Approved Duplex Triplex Fourplex in San Diego California

2020 VA Loan Limits for Multifamily Properties: Duplex, Triplex and Fourplex in San Diego County

  • One-Unit Limit $ 701,500
  • Two-Unit Limit $ 898,050
  • Three-Unit Limit $ 1,085,550
  • Four-Unit Limit $ 1,349,050

If you would like to learn more about using your VA Loan to purchase real estate in San Diego then please contact The Lewis Team today.

Questions about using your VA Loan to purchase real estate in San Diego?

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When you’re ready to start your VA Home Search then let us know. Here at The Lewis Team we love helping active duty military and veterans.

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Dawn Lewis San Diego Realtor

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Dawn Lewis – San Diego Realtor with over 30 years experience!

619-981-3917

 

Newest Multifamily Real Estate, Duplex, Triplex or Fourplex in San Diego that is VA Approved

$2,199,999
5 Beds ⋅ 3 Baths ⋅ 260018257 MLS ⋅ ACTIVE Status ⋅ N/A BLDG.
Exceptional income-producing opportunity at 1968–70 Pacific Beach Drive, including unit 1966, ideally located just moments from Mission Bay. The property features three distinct residences: a front 2-bedroom, 1-bath home, a rear 2-bedroom, 1-bath residence, and an upstairs 1-bedroom, 1-bath unit—creating multiple possibilities for rental income and personal use. An excellent fit for investors, multigenerational living, or buyers seeking to occupy one residence while generating income from the others. Each unit offers its own private living space, providing flexibility to tailor the property to a variety of ownership goals. Set in the heart of Pacific Beach, the property offers convenient access to Mission Bay, beaches, parks, restaurants, shopping, and the vibrant coastal lifestyle that makes this neighborhood so desirable. A compelling opportunity to own a multi-unit property with built-in income potential in one of San Diego’s most sought-after coastal communities.

1968-70 Pacific Beach Dr, Pacific Beach/Mission Beach
$2,449,000
8 Beds ⋅ 5 Baths ⋅ 260018256 MLS ⋅ ACTIVE Status
Rare North Pacific Beach Fourplex with Immediate Value-Add Opportunity! Address is 2127-2131 1/2 Felspar. Well-maintained and held as a long-term investment, this exceptional income property offers the ideal combination of strong in-place cash flow, low deferred maintenance, and significant upside potential. Featuring two separate duplexes with an attractive unit mix of two 2BR/1BA units, one 3BR/2BA unit, and one 1BR plus office, this property is perfectly positioned for both seasoned investors and 1031 exchange buyers. Zoned Rm-3. Two upcoming vacancies create an outstanding opportunity to renovate (if desired) and quickly capture market rents. One 2BR unit is vacant now, followed by the 3BR/2BA unit at the end of September, allowing a new owner to substantially increase income in the near term. An extensive list of repairs and upgrades is available, reflecting the pride of ownership and ongoing care invested in the property. Located in highly desirable North Pacific Beach, this quiet residential neighborhood consistently attracts quality tenants seeking a coastal lifestyle with everyday convenience. Just minutes from the beach, Mission Bay, shopping, restaurants, parks, and major employment centers, the property also enjoys close proximity to the local elementary school and easy freeway access. Rare North Pacific Beach Fourplex with Immediate Value-Add Opportunity! Address is 2127-2131 1/2 Felspar. Well-maintained and held as a long-term investment, this exceptional income property offers the ideal combination of strong in-place cash flow, low deferred maintenance, and significant upside potential. Featuring two separate duplexes with an attractive unit mix of two 2BR/1BA units, one 3BR/2BA unit, and one 1BR plus office, this property is perfectly positioned for both seasoned investors and 1031 exchange buyers. Zoned Rm-3 Two upcoming vacancies create an outstanding opportunity to renovate (if desired) and quickly capture market rents. One 2BR unit is vacant now, followed by the 3BR/2BA unit at the end of September, allowing a new owner to substantially increase income in the near term. Projected rental figures have been conservatively estimated, providing additional upside. The property has been consistently maintained over the course of ownership. An extensive list of repairs and upgrades is available, reflecting the pride of ownership and ongoing care invested in the property. Located in highly desirable North Pacific Beach, this quiet residential neighborhood consistently attracts quality tenants seeking a coastal lifestyle with everyday convenience. Just minutes from the beach, Mission Bay, shopping, restaurants, parks, and major employment centers, the property also enjoys close proximity to the local elementary school and easy freeway access. Investment opportunities with this combination of location, condition, unit mix, and near-term rental upside rarely become available in North Pacific Beach.

2127-2131 1/2 Felspar, Pacific Beach/Mission Beach
$1,300,000
5 Beds ⋅ 4 Baths ⋅ PTP2605619 MLS ⋅ ACTIVE Status
Excellent four-unit investment opportunity in National City. Great opportunity for investors or owner-occupants. Conveniently located near shopping, schools, public transportation, and freeway access. Property is being sold as a legal four-unit property. An additional nonconforming space exists and is not included in the legal unit count or financial information. Buyer and Buyer's Agent to independently verify all information, including but not limited to rents, income, expenses, operating history, cap rate, square footage, permits, zoning, legal use, and all other property details prior to the close of escrow. Information is deemed reliable but not guaranteed. Excellent four-unit investment opportunity in National City. Great opportunity for investors or owner-occupants. Conveniently located near shopping, schools, public transportation, and freeway access. Property is being sold as a legal four-unit property. An additional nonconforming space exists and is not included in the legal unit count or financial information. Buyer and Buyer's Agent to independently verify all information, including but not limited to rents, income, expenses, operating history, cap rate, square footage, permits, zoning, legal use, and all other property details prior to the close of escrow. Information is deemed reliable but not guaranteed.

2774-Vista Vista Way, National City
$1,274,500
6 Beds ⋅ 5 Baths ⋅ 260018232 MLS ⋅ ACTIVE Status
Rare dual living opportunity in San Diego! This vacant property features two spacious, completely detached homes on one lot: Front home is a single-story 3BR/2BA. Rear home is a spacious two story 3BR/2.5 BA. Perfect for an owner occupant wanting to live in one and rent out the other to cover the mortgage, for multi-generational families needing independent space with ultimate privacy. No shared walls! Both are delivered 100% vacant --move right in! Incredible setup with completely separate gas, electric and SOLAR for each home! Total room count reflects both homes combined. This exceptional property features two beautifully maintained homes, each offering privacy, comfort, and modern upgrades. The SINGLE-STORY home boasts a spacious living room with a vaulted ceiling and was tastefully remodeled approximately eight years ago. The TWO-STORY home has been recently remodeled and features two walk-in closets, a large, covered patio, and a generously sized private backyard. Both homes are light and bright, featuring gas appliances, dual-pane windows, and attached 2-car garages with new garage doors and openers. Newer roofs (approximately 8 years old) and INDIVIDUAL SOLAR SYSTEMS help reduce electricity costs. Each home enjoys its own separately fenced backyard, while the entire property is fully enclosed with an electronic driveway gate, providing added privacy and security. The front yard showcases attractive low-water, low-maintenance landscaping. Ideally located within walking distance to schools, shopping, downtown El Cajon, and the transit center, this property also offers easy access to Interstate 8 and the greater San Diego area. Best of all, you're just approximately 15 minutes from the beach!

386-90 Richardson Ave, El Cajon
$4,700,000
22 Beds ⋅ 20 Baths ⋅ 260018202 MLS ⋅ ACTIVE Status
Northwinds Apartments is a 20-unit garden community at 340 Orlando Street in El Cajon, fully gated and built around a lush, meticulously maintained central courtyard. The property is 100% occupied with long resident tenure, averaging nearly four and a half years, and offers 18 one bedroom homes at 550 square feet and two two bedroom homes at 750 square feet, each with a private patio and generous storage. Eleven garages, nine with direct courtyard access, and ample additional gated parking serve the community. Built in 1977 and well maintained since, every unit shows in strong condition with quartz or granite countertops, and finish levels leave room for a moderate value-add program on turns. Central water heaters were replaced within the last five to six years. Gross rents sit roughly 11% below market, giving the next owner a clear path to income growth on an already stabilized asset in one of San Diego County's tightest rental submarkets.

340 Orlando St, El Cajon
$1,995,000
7 Beds ⋅ 3 Baths ⋅ 260018195 MLS ⋅ ACTIVE Status ⋅ Elm St BLDG.
Please call Kevan McDougal (#01994492) at 619-884-8391 for more information. Enduring Real Estate is pleased to present this turnkey short-term rental investment opportunity in San Diego’s South Park neighborhood. 1747-1749 Fern St is a unique two-house offering situated on a single 6,406 SF parcel. The unit mix consists of (1) detached single-family home at 1747 Fern St (4 Bedroom, 2 Bath) and (1) detached single-family home at 1749 Fern St (3 Bedroom, 2 Bath). Both homes are permitted for short-term rental use and are currently operating as income-producing Airbnb properties, offering a new owner immediate cash flow from day one

1747-1749 Fern, Golden Hill
$10,200,000
74 Beds ⋅ 37 Baths ⋅ 260018174 MLS ⋅ ACTIVE Status
We are pleased to present Villa Park, a 37-unit multifamily community located at 345 E. Park Avenue in Escondido, California. Built in 1977, the two-story property features an attractive unit mix comprised entirely of two-bedroom, one-bathroom apartment homes, offering residents spacious layouts within an established residential setting. Villa Park provides a comfortable living environment enhanced by a variety of desirable community amenities. Residents enjoy private balconies, convenient off-street parking, laundry facilities and a private pool area. Situated in the heart of Escondido, the property benefits from proximity to downtown amenities, local retail, dining destinations, schools, parks, and major transportation corridors. Its central location provides residents with convenient access to employment centers throughout North County while maintaining the neighborhood feel that continues to attract renters to the area. Villa Park represents the opportunity to acquire a sizeable and stabilized multifamily asset in a growing Southern California submarket. The property's combination of functional apartment layouts, resident-focused amenities, and accessible location positions it to benefit from continued tenant demand.

345 E Park Ave, Escondido
$1,333,000
8 Beds ⋅ 4 Baths ⋅ 260018144 MLS ⋅ ACTIVE Status ⋅ 4165-71 Epsilon St BLDG.
1% rate buydown with accepted offer! Exceptional multifamily investment opportunity in San Diego’s Logan Heights neighborhood with rents at $98k annually. This gated property features FOUR spacious 2-bedroom, 1-bath units, 784sqft each, offering assigned parking, in-unit laundry, and private patio space. 100% occupied — day-one cash flow, no lease-up risk. All tenant leases are month-to-month. Low-maintenance ownership potential. Recent capital improvements include updated electrical systems, newer dual-pane windows, and fresh exterior paint. With upside potential through future rent increases to market rates, this value-add San Diego income property presents an outstanding opportunity for investors seeking long-term appreciation and consistent returns in a high-demand rental market less than 3 mile to SD Naval Base Downtown.

4165-71 Epsilon St, Logan Heights
$1,674,900
3 Beds ⋅ 3 Baths ⋅ 260018142 MLS ⋅ ACTIVE Status ⋅ Na BLDG.
Rarely available South Mission Hills Craftsman featuring three separate residences: a studio with floor-to-ceiling windows and unobstructed canyon views toward Bankers Hill and downtown, a spacious one-bedroom/one-bath, and a front two-bedroom/one-bath with peek views of the bay, downtown, Point Loma, and the airport. All units are privately entranced. Original period lighting, sconces, preserved woodwork, vintage bathrooms, covered porch with oversized timber beams, and masonry walls elevate the property from the street. Sensitive improvements, including historically appropriate replacement windows installed through the Quieter Home Program. A rare amenity in South Mission Hills, the property offers six on-site parking spaces (including two one-car garages) plus additional storage beneath the home. The three-unit configuration offers flexibility for owner occupancy, multigenerational living, or investment. Buyers to verify zoning, rental regulations, licensing requirements, intended uses, and potential Mills Act eligibility.Minutes to downtown, Little Italy, Balboa Park, the waterfront, dining, shopping, and major transportation.

2805 State St, Mission Hills
$1,200,000
5 Beds ⋅ 4 Baths ⋅ 260018133 MLS ⋅ ACTIVE Status
Discover the potential of 9095–97 Fitzgerald, a well-positioned duplex offering an outstanding opportunity for investors, owner-occupants, or those looking to build long-term wealth through real estate. This versatile property features two separate units, providing the flexibility to live in one and rent the other, or maximize cash flow by leasing both units. Whether you're expanding your investment portfolio or purchasing your first income-producing property, this duplex offers endless possibilities. Features include nicely equipped kitchens with new cabinets, full baths recently remodeled, separate meters, private backyards and laundry hookups. All new blinds, ceiling fans and carpet in the bedrooms. New HVAC system installed just a few years ago. Both living spaces have nice tiled floors throughout. Each unit has 2 parking spaces side by side. Convenient access to shopping, dining, schools, parks, and major transportation routes.

9095-97 Fitzgerald Way, Spring Valley
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